HAYWARD, Calif., Mar.. 22,2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Huntwood Terrace Apartments, a 104-unit institutional-quality multifamily property located at 29200 Huntwood Avenue in Hayward, California. The asset traded for $39,000,000 or $375,000 per unit.
“Huntwood Terrace is conveniently located in South Hayward near the popular Union Landing Shopping Center, anchored by major retailers like Walmart, Smart & Final Extra!, Lowe’s, Best Buy, Ross, Burlington Coat Factory and Michaels,” said Kirk Trammell, executive managing director investments. “Hayward’s population of approximately 160,000 has gradually increased by 10% over the past 10 years, and forecasts to continue the next five years. Combining this growing population with a limited supply of new multifamily housing developments in the area, made for a compelling sales process.” Kirk Trammell, Mitchell Zurich, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller and procured the buyer.
Built in 1987, Huntwood Terrace Apartments is comprised of eight two-storyresidential buildings and a single-story amenity building on a 4.95-acre site. The community offers a mixed floorplan consisting of one-, two- and three-bedroom units to satisfy the needs and desires of any prospective or current resident. The amenities package includes a leasing office, swimming pool, spa, fitness center, laundry facilities, and covered parking.
“Huntwood Terrace Apartments has strong 5-mile demographics with average household incomes of $134,496 and a population of approximately 350,000,” added Mitch Zurich, senior managing director investments. “The Bay Area, home to numerous Fortune 500 companies and technology giants, relies on its efficient and accessible transportation systems. Huntwood residents enjoy the convenience of being less than one-mile from the South Hayward BART Station, providing seamless commutes to the major employment centers in the East Bay and Silicon Valley.”
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion.